Crucial Protection 🏡💦

Owning a home is one of life’s most significant investments, and protecting it is essential. As a homeowner, you may already have basic insurance, but do you know if it’s enough (and the right kind) for your particular situation? 

This guide will walk you through the types of insurance every homeowner should consider, highlight common misconceptions, and explore some optional coverages you might not have thought about.

The Basics: Homeowners Insurance

A homeowner’s insurance policy is designed to protect your house and belongings from unexpected events, such as fire and theft, and from storm damage with rain, hail, wind, and lightning.  But did you know that basic policies often have limitations? 

Many homeowners assume, for example, that their policy covers damage from flooding or sewer backups—it doesn’t. That’s where additional coverage comes in.
 

Up Next: Liability Coverage

Imagine a guest slips on your icy driveway and sues for medical expenses. Liability insurance steps in to protect your assets and help cover legal and medical costs. This crucial part of your policy ensures you’re not left paying out of pocket for accidents that occur on your property. 

The good news is that most homeowners insurance policies include liability. The best news is that MyInsureco always does. 

Flood Insurance: Not Just for High-Risk Areas

One of the most common misconceptions is that floods are only a concern in high-risk areas. However, flooding can happen anywhere and is the most common and costly natural disaster in the US.

The Federal Emergency Management Agency (FEMA) explains that "where it can rain, it can flood." All properties have some level of flood risk. FEMA also notes that if you live in an area with low or moderate flood risk, you're still 5 times more likely to experience flood than a fire in your home over the next 30 years.

Flood insurance is a separate policy that covers this kind of damage, giving you peace of mind when nature surprises you.

Don't Forget: Contents Insurance

Your home is more than just walls and a roof—it’s filled with personal belongings that make it uniquely yours. Contents insurance ensures items like furniture, electronics, and clothing are protected. It’s especially helpful in cases of theft, fire, or water damage.

Most homeowner insurance policies include some level contents insurance, but if you have particularly valuable items like art and jewelry, it's always a good idea to have them insured separately, in what is called a ‘rider’ or ‘endorsement’.  You may need to get an appraisal for such items, but it's well worth it. 

When assessing your content insurance, be aware that most policies will not cover flooding damage, that's what flood insurance is for. Also look into coverage limits and choose a policy that includes replacement cost instead of present cash value. 

And More: Other Optional Coverage

Depending on your situation, it might be a good idea to consider the following: 

• Sewer Backup Insurance - This optional coverage is relatively inexpensive and can save you thousands of dollars in repair costs if your plumbing or municipal sewer system fails.
• Overland Water Damage - Heavy rains and melting snow are not associated with extreme weather, but can be almost as damaging. Thankfully, this type of coverage is more affordable than you probably suspect. 
• Earthquake Insurance - Areas prone to even mild earthquakes can see major damage to a home's structure. The American Geosciences Institute and the FEMA National Risk Index are both good resources to better understand your risk. 

Every home is a little bit different. Other optional policies and add-ons may make sense for your particular situation. Reach out to us to learn more. 

Final Thoughts

Remember, your insurance carrier wants to help. Be sure to keep them updated of renovations or other changes in the home to ensure that your coverage is complete and appropriate. The best protection of your home and your family is one that's informed. Your carrier may also have resources for you to keep your home resilient, and prepare your family just in case disaster does strike. 

Also, always look into ways to reduce your premiums by being extra-safe. At MyInsureco we offer discounts for alarm systems, leak sensors, and other early warning devices. You may qualify for a discount if you bundle your vehicle insurance too! If there's anything we can help you with, we're just a phone call (or email) away. Reach out to us and let's talk about your needs, and how we can help you feel (and be) as safe and secure in your home as possible.